Property Description

+0.54 AC opportunity for developers seeking high-density CM2-zoned land in NE Portland.We are pleased to present a +0.54-acre development opportunity along NE Cully Blvd in Portland's established Cully neighborhood. Zoned CM2 (Commercial Mixed Use 2), the site is ideally suited for multifamily or mixed-use development, allowing 58,917-94,268 SF of potential building area through a 2.5:1 FAR, or up to 4:1 FAR with bonus provisions. The property includes two existing structures that are considered candidates for removal, offering a strong redevelopment opportunity. The site's development potential is further enhanced by the City's temporary suspension of System Development Charges (SDCs) for qualifying multifamily projects, creating a compelling opportunity to improve project economics.The property benefits from strong market fundamentals, including access to major transportation corridors, public transit, employment centers, neighborhood retail, and recreational amenities. The strategic NE Portland location supports long-term renter demand and stable occupancy, making it an attractive opportunity for developers and investors seeking multifamily development sites.Nearby neighborhoods such as Concordia, Beaumont-Wilshire, and Rose City Park further enhance the area's appeal, providing access to a larger residential base and a wide range of community amenities. Downtown Portland, the Alberta Arts District, and the Hollywood District are all within a short drive, offering convenient access to some of the city's most vibrant dining, entertainment, retail, and employment destinations.With its central NE Portland location, proximity to major transportation infrastructure, and access to established neighborhood amenities, the property is well-positioned for future mixed-use development and long-term investment. Combined with CM2 zoning flexibility, strong renter demand, and favorable development economics, the property represents a unique opportunity for developers.